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Business Incubators Overview

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Questions and Answers

What is the main focus of business incubators?

Developing job creation strategies

Revitalizing existing businesses

Providing support to new businesses in high-tech sectors (correct)

Hosting events for well-established corporations

What resources do incubators typically share with new businesses?

Access to laboratories for product development and testing (correct)

Funding for production costs

Marketing expertise for product launches

Human resource management training

How long can the incubation phase for a business last?

Up to six months

Up to two years (correct)

Up to one year

Indefinitely

Which sectors do businesses supported by incubators often operate within?

Biotechnology, information technology, multimedia, or industrial technology Signup and view all the answers

Why do government agencies provide aid to Canadian companies?

To support innovation and cover business expenses like research and development Signup and view all the answers

What contributes to the better success rate of businesses supported by an incubator over five years?

Utilizing state-of-the-art technologies during the incubation phase Signup and view all the answers

What is the main difference between a grant and a loan?

Grants require repayment while loans do not. Signup and view all the answers

Why is it important for businesses to carefully choose a lender?

To receive personalized service. Signup and view all the answers

What is a common reason why candidates fail to receive grants?

Failure to communicate project benefits. Signup and view all the answers

Why do start-ups have a harder time accessing loans compared to established businesses?

Start-ups lack a good credit rating and solid business plan. Signup and view all the answers

What is a key requirement for most grants mentioned in the text?

Matching funds Signup and view all the answers

Which factor is crucial for entrepreneurs to be able to access loans?

A good credit rating Signup and view all the answers